CI Financial, which has been expanding its presence in the US wealth management space, has agreed to acquire New York-based wealth manager RegentAtlantic.

Financial terms of the deal were not revealed.

Established in 1982, RegentAtlantic offers a range of wealth planning services to high-net-worth (HNW) individuals and families and institutions on the East Coast and across the US.

The firm has offices in New Jersey and New York City.

RegentAtlantic was previously owned by Fiduciary Network, which first invested in the firm in 2007.

Under the agreement, all partners in the firm will become equity partners in CI Private Wealth.

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RegentAtlantic CEO George Stapleton said: “There is an ever-growing need for quality financial advice and that presents an opportunity for firms like ours. CI Private Wealth will be the ideal partner for our team as we embark on the next phase of our growth and development.

“We look forward to working with our CI Private Wealth colleagues, who represent some of America’s other leading RIAs, and are confident this collaboration will benefit our team and our clients.”

The addition of RegentAtlantic adds $6bn to CI’s assets under management (AuM), taking its US assets to over $100bn.

Commenting on the deal, CI CEO Kurt MacAlpine said: “RegentAtlantic’s success stems from a disciplined wealth management process focused on the distinct needs of HNW clients, an approach that has created deep client loyalty and contributed to the firm’s strong growth.

“RegentAtlantic is a great strategic and cultural fit with the existing firms and leadership within CI Private Wealth and fully supports our vision of building the country’s leading wealth management firm.”

Last month, CI Financial agreed to acquire Gofen and Glossberg, a Chicago-based wealth and investment management firm with $7.5bn in assets.